House of the Day: 130 Summit Street
At first blush, this three-family house at 130 Summit Street looked like agreat deal to us: $1,350,000 for a four-story house with lots of charm in Carroll Gardens? Sign us up. But then comes the heartbreaking fine print: The 3rd floor apartment has a dreaded rent-controlled tenant paying $325 a month. (Approximately $1,600 under market….
At first blush, this three-family house at 130 Summit Street looked like agreat deal to us: $1,350,000 for a four-story house with lots of charm in Carroll Gardens? Sign us up. But then comes the heartbreaking fine print: The 3rd floor apartment has a dreaded rent-controlled tenant paying $325 a month. (Approximately $1,600 under market. Ridiculous!) Anyway, we’ll let the quants out there decide how big a discount to market value that should mean for the house. Still might be a decent play, except for the fact that the rent controlled tenant’s location means the owner won’t be able to expand beyond a duplex.
130 Summit Street [Douglas Elliman] GMAP P*Shark
PeteBK- are you sure? what if rc tenant’s son/daughter is living there too. i understood they can take over the lease…
Minard
sometimes I agree with you and sometimes I don;t
my father and my elderly aunt were both RC tenants in Queens
paying $400 and $325 respectively until they passed away in 2001 and 2003. whereas people coming into their buildings were probably paying well above $1000 in rent.
But the people coming in now are also making $50K-75K and can afford that. What’s a little old retiree supposed to do when her SS check is $400 a month and maybe her pension is $600 a month?
Yes, Agree about the colors. The purplish one is the best
And I am loooooving the mint facade.
I got news for all of youse.
The rent control tenant is less of a discount/problem than the
BBBBBBUUUUUUUUUZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
from the BQE.
keep your windows shut.
or cover the BQE = big upside for this prop.
I’m really liking the contextual green paint on the facade. 🙁
i hope he or she lives to be 145 years old and her 120 year old daughter and 100 year old granddaughter just moved in last year.
*rob*
all I can say is those are some of the prettiest paint colors I have seen in a long time. I’m cutting and pasting them all onto my paint color inspiration list!
once this tenant vacates (probably by death or to nursing home) becomes free market.
From my understanding; and this is based on people/friends telling me that have lived in large stabilized buildings.
When a rent Controlled/Stabilized unit becomes vacant, a landlord can spruce it up and increase the rent a certain percentage. After doing this several times and the apt has reached a certain $$ amount, then it becomes destabilized/decontrolled and they can get market value.
how does it work in a small 3-family like this?